Order 917: EQR Reporting Overhaul
FERC’s Order 917 modernizes the Electric Quarterly Report (EQR) framework that governs how market participants report wholesale power transactions:
- XBRL-CSV standard: Replaces the legacy XML format with a machine-readable XBRL-CSV standard, reducing manual data manipulation and enabling automated compliance checking.
- ISO/RTO report generation: All ISOs/RTOs must now generate reports containing market participant transaction data, which sellers can use to prepare their EQR submissions. This shifts part of the reporting burden from individual market participants to the grid operator.
- Extended deadline: The EQR due date is extended from 30 days to 4 months after the relevant quarter ends, giving market participants more time for accurate reconciliation.
- Clarified requirements: Updated formatting rules resolve longstanding ambiguities in how bundled vs. unbundled transactions are reported.
For commercial energy brokers and suppliers, Order 917 means standardized, machine-readable transaction reporting will improve market transparency and audit capability.
New Reliability Standards: Virtualization & CIP-003-11
- Virtualization Reliability Standards (RM24-8-000): New standards address the growing use of virtual machines, containers, and cloud infrastructure in grid operations. As utilities and ISOs migrate SCADA and EMS systems to virtualized environments, FERC is establishing baseline security and availability requirements.
- CIP-003-11 — Cyber Security Management Controls (RM25-8-000): Updates to the Critical Infrastructure Protection standard tighten security management controls for low-impact BES Cyber Systems, closing gaps identified in post-incident reviews.
These standards affect utility IT spending and operational procedures but do not directly impact commercial electricity pricing. However, compliance costs are typically recovered through distribution and transmission rates.
New England ROE: 9.57% Base Rate
FERC resolved a multi-year dispute over the allowed return on equity for New England Transmission Owners (NETOs):
- 9.57% base ROE: The commission granted one complaint and denied three others, setting the base ROE at 9.57%. This is the return transmission owners earn on their regulated asset base.
- Transmission cost impact: The ROE directly determines the revenue requirement for New England transmission infrastructure. A lower ROE reduces the transmission component of commercial electricity bills; a higher ROE increases it.
- Precedent: This ruling follows FERC’s updated ROE methodology (DCF + risk premium blending), which is being closely watched by transmission owners in PJM and MISO as their own ROE proceedings advance.
For ISO-NE commercial buyers, the 9.57% base ROE means transmission charges on your bill reflect this authorized return. Any future capacity investment by NETOs (e.g., for the DASI-related upgrades) will be cost-recovered at this rate.
Rio Grande LNG Trains 4 & 5 Approved
- 12 MTPA additional capacity: NextDecade’s Rio Grande facility in Brownsville, Texas gains approval to construct two additional liquefaction trains.
- Gas demand impact: Each LNG train consumes approximately 1 Bcf/d of natural gas feedstock. Two additional trains add ~2 Bcf/d of structural domestic gas demand.
- Price transmission: For commercial buyers with gas-indexed electricity contracts, structural LNG export growth supports a higher floor under domestic gas prices. The EIA currently projects Henry Hub at $3.76/MMBtu for 2026.
Rockies Express Pipeline: Decatur Lateral
FERC also certified the Rockies Express Pipeline Decatur Lateral Project in Illinois, which adds 30.75 Bcf of working gas storage capacity and increases injection/withdrawal rates. For MISO Midwest users, this improves local gas supply reliability and can moderate winter basis differentials.
Source: FERC March 19, 2026 Commission Meeting agenda and orders; FERC Docket Nos. RM24-8-000, RM25-8-000; RTO Insider; NextDecade Corporation; White & Case regulatory analysis.